Residential properties in Christchurch increased in value by 9% (calculated over the three months ending November 2006 in comparison to the same period last year), down from the 9.5% experienced in October. The city’s average sale price was $328,873.

While the growth has slowed, it has been gradual and reflective of a soft landing for the property market. The average sale price has been hovering around $320,000 to $330,000 for the past nine months, which indicates a steady market. Spring has helped to rekindle interest in property and this is reflected in the activity levels rather than price levels for most types of residential property.